VanEck Vectors Steel ETF
ALTAR
Score™		 23.7% info Recommen-
dation		 SPECULATIVE
2020E    2021E
P/E
ratio		 5.8x P/Sales
ratio		 0.3x
P/BV
ratio		 0.6x Div.
yield		 9.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
VanEck Vectors Steel Index Fund seeks investment results that correspond to the price and yield of the Amex Steel Index.

FUND BASICS
Category Global Equities
Fund Sponsor Van Eck Associates Corp
Website www.vaneck.com
Inception date Oct 16, 2006
Assets (mns) $37
Currency USD
Expense ratio 56 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Market Cap
Index replication Optimized
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 25
Wgt avg mkt cap (mns) $14,140
Large cap (>$10bn) 25.1%
Mid cap ($2-10bn) 27.4%
Small cap (<$2bn) 31.7%
Developed mkts 72.8%
Emerging mkts 27.2%

TOP TEN HOLDINGS
RIO TINTO PLC-SPON ADR 14.8 %
VALE SA-SP ADR 11.8 %
TERNIUM SA-SPONSORED ADR 7.2 %
RELIANCE STEEL & ALUMINUM 5.6 %
NUCOR CORP 5.3 %
COMMERCIAL METALS CO 5.0 %
TENARIS SA-ADR 4.9 %
POSCO-ADR 4.9 %
STEEL DYNAMICS INC 4.8 %
ARCELORMITTAL SA ADR 4.6 %
Total 69.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 40.9 %
BRAZIL 18.2 %
LUXEMBOURG 16.8 %
BRITAIN 14.8 %
SOUTH KOREA 4.9 %
INDIA 3.9 %





HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru February 29)
Year-to-date 1 year 5 years 10 years Since Incep.
-22.2% -24.8% 0.5% -4.1% -0.3%

Market Correlations
versus... Beta R-squared
S&P500 1.19 43%
MSCI EAFE 1.38 50%
MSCI Emg. Mkts. 1.17 53%

Technical Indicators
Recent close $21.26
30d moving avg. $26.28
Annualized volatility 24.0%
Short interest (ETF) 2.9%
Short interest (Underlying) 4.9%
Relative strength (RSI) 31

Liquidity measures
Avg. volume (thou.) 11
Turnover 0.6%
Bid/Ask (% of price) 0.21%
ADV underlying (mns) $976

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the VanEck Vectors Steel ETF ETF based on the alternatives' overlap in portfolio holdings with SLX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: SLX Expense: 56 bp ALTAR Score™: 23.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SLX
Ticker Fund
Name		 Overlap1
vs SLX
(%)		 Expense
ratio
(bp)		 Savings
vs SLX
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs SLX
(%)
XME SPDR S&P Metals & Mining ETF 36.4 35 21 12.7 -11.0
ILF iShares Latin America 40 ETF 11.4 48 8 9.6 -14.0
FXZ First Trust Materials AlphaDEX Fund 11.1 65 -9 10.1 -13.6
VALX Validea Market Legends ETF 11.0 79 -23 18.0 -5.7
FTRI First Trust Indxx Global Natural Resources Income ETF 10.9 70 -14 14.6 -9.1
PAVE Global X U.S. Infrastructure Development ETF 9.1 47 9 8.0 -15.6
PYZ Invesco DWA Basic Materials Momentum ETF 8.9 60 -4 7.2 -16.4
PSCM Invesco S&P SmallCap Materials ETF 6.3 29 27 13.5 -10.1
PICK iShares MSCI Global Metals & Mining Producers ETF 6.2 39 17 10.9 -12.8
BUYN USCF SummerHaven SHPEN Index Fund 6.1 80 -24 23.2 -0.5
JHMA John Hancock Multifactor Materials ETF 6.1 40 16 8.7 -15.0
IYM iShares U.S. Basic Materials ETF 5.8 42 14 7.6 -16.1
FOVL iShares Focused Value Factor ETF 5.5 25 31 13.1 -10.5
DVP Deep Value ETF 5.3 59 -3 20.6 -3.1
IFRA iShares U.S. Infrastructure ETF 5.2 40 16 7.3 -16.4
OIH VanEck Vectors Oil Services ETF 4.9 35 21 -8.7 -32.4
VAW Vanguard Materials Index Fund 4.4 10 46 8.1 -15.6
FMAT Fidelity MSCI Materials Index ETF 4.4 8 48 8.1 -15.6
GNR SPDR S&P Global Natural Resources ETF 4.1 40 16 8.7 -14.9
ICOW Pacer Developed Markets International Cash Cows 100 ETF 4.1 65 -9 15.2 -8.5
RFV Invesco S&P Midcap 400 Pure Value ETF 3.4 35 21 15.5 -8.2
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 3.3 18 38 7.3 -16.4
CVY Invesco Zacks Multi-Asset Income ETF 3.3 97 -41 17.4 -6.3
VRAI Virtus Real Asset Income ETF 3.3 55 1 13.0 -10.7
RWK Invesco S&P MidCap 400 Revenue ETF 3.1 39 17 11.1 -12.5
RTM Invesco S&P 500 Equal Weight Materials ETF 3.0 40 16 8.0 -15.7
COPX Global X Copper Miners ETF 2.9 65 -9 11.3 -12.4
EES WisdomTree SmallCap Earnings Fund 2.9 38 18 17.1 -6.6
FYT First Trust Small Cap Value AlphaDEX Fund 2.8 72 -16 12.6 -11.0
FLAG FLAG-Forensic Accounting Long Short ETF 2.8 152 -96 11.0 -12.7
GCOW Pacer Global High Dividend ETF 2.7 60 -4 13.1 -10.5
ESGS Columbia Sustainable U.S. Equity Income ETF 2.7 35 21 11.5 -12.2
QVAL Alpha Architect U.S. Quantitative Value ETF 2.7 49 7 16.4 -7.3
MXI iShares Global Materials ETF 2.6 46 10 8.2 -15.5
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF 2.6 35 21 7.2 -16.5
CSB Victory CEMP US Small Cap High Dividend Volatility Wtd Idx E 2.5 35 21 11.7 -12.0
FCPI Fidelity Stocks for Inflation ETF 2.4 29 27 8.8 -14.9
PKB Invesco Dynamic Building & Construction ETF 2.4 60 -4 11.3 -12.4
AFMC First Trust Active Factor Mid Cap ETF 2.3 65 -9 9.1 -14.6
HAP VanEck Vectors Natural Resources ETF 2.3 50 6 8.4 -15.2
TPHD Timothy Plan High Dividend Stock ETF 2.3 52 4 8.9 -14.8
CALF Pacer US Small Cap Cash Cows 100 ETF 2.2 59 -3 16.5 -7.2
VAMO Cambria Value & Momentum ETF 2.2 64 -8 8.6 -15.1
QSY WisdomTree U.S. LargeCap Value Fund 2.2 38 18 9.1 -14.6
AVUV Avantis U.S. Small Cap Value ETF 2.2 25 31 12.8 -10.9
QVM Arrow QVM Equity Factor ETF 2.2 65 -9 13.5 -10.1
COWZ Pacer US Cash Cows 100 ETF 2.2 49 7 13.0 -10.6
EQRR ProShares Equities for Rising Rates ETF 2.2 35 21 11.5 -12.2
EDOG ALPS Emerging Sector Dividend Dogs ETF 2.1 60 -4 13.6 -10.1
BUY USCF SummerHaven SHPEI Index Fund 2.1 80 -24 16.4 -7.3
FNI First Trust Chindia ETF 2.0 59 -3 4.6 -19.1
SDOG ALPS Sector Dividend Dogs ETF 2.0 40 16 13.2 -10.5
BICK First Trust BICK Index Fund 2.0 64 -8 6.1 -17.6
XLB Materials Select Sector SPDR Fund 2.0 13 43 7.6 -16.1
VUSE Vident Core US Equity Fund 2.0 48 8 10.4 -13.3
PXMV Invesco S&P MidCap Value with Momentum ETF 2.0 39 17 12.9 -10.8
ONEY SPDR Russell 1000 Yield Focus ETF 2.0 20 36 11.3 -12.3
DGRS WisdomTree US SmallCap Quality Dividend Growth Fund 1.8 38 18 12.6 -11.1
ECOW Pacer Emerging Markets Cash Cows 100 ETF 1.8 70 -14 15.8 -7.9
SQLV Legg Mason Small-Cap Quality Value 1.8 62 -6 10.9 -12.8
CSA Victory CEMP US Small Cap Volatility Weighted Index ETF 1.7 35 21 11.0 -12.7
SYLD Cambria Shareholder Yield ETF 1.7 59 -3 14.1 -9.6
TPSC Timothy Plan US Small Cap Core ETF 1.7 52 4 10.2 -13.5
SDVY First Trust SMID Cap Rising Dividend Achievers ETF 1.6 60 -4 11.8 -11.9
FNK First Trust Mid Cap Value AlphaDEX Fund 1.6 70 -14 14.8 -8.8
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 1.6 29 27 7.9 -15.8
QDYN FlexShares Quality Dividend Dynamic Index Fund 1.5 37 19 8.7 -15.0
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 1.5 30 26 9.9 -13.8
TMDV ProShares Russell US Dividend Growers ETF 1.5 35 21 6.3 -17.4
FYX First Trust Small Cap Core AlphaDEX Fund 1.5 63 -7 8.3 -15.4
PSCI Invesco S&P SmallCap Industrials ETF 1.5 29 27 9.2 -14.5
CSML IQ Chaikin U.S. Small Cap ETF 1.5 35 21 12.3 -11.4
JKI iShares Morningstar Mid-Cap Value ETF 1.5 30 26 12.3 -11.4
CDL Victory CEMP US Large Cap High Dividend Volatility Wtd Idx E 1.5 35 21 10.8 -12.9
AFSM First Trust Active Factor Small Cap ETF 1.5 75 -19 9.8 -13.9
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 1.4 49 7 11.2 -12.4
FAB First Trust Multi Cap Value AlphaDEX Fund 1.4 71 -15 12.5 -11.2
XSHQ Invesco S&P SmallCap Quality ETF 1.4 29 27 7.5 -16.2
EEMD AAM S&P Emerging Markets High Dividend Value ETF 1.4 50 6 25.4 +1.7
EZM WisdomTree U.S. MidCap Earnings Fund 1.4 38 18 12.8 -10.8
NOBL ProShares S&P 500 Dividend Aristocrats ETF 1.4 35 21 7.1 -16.6
EWMC Invesco S&P MidCap 400 Equal Weight ETF 1.4 40 16 9.2 -14.5
OUSM O'Shares FTSE Russell Small Cap Quality Dividend ETF 1.4 48 8 8.4 -15.3
KNG Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF 1.4 75 -19 6.7 -17.0
SPGP Invesco S&P 500 GARP ETF 1.4 35 21 10.2 -13.4
JDIV JPMorgan U.S. Dividend ETF 1.3 12 44 10.2 -13.5
ROGS Hartford Multifactor Global Small Cap ETF 1.3 34 22 11.0 -12.7
RFG Invesco S&P Midcap 400 Pure Growth ETF 1.3 35 21 5.7 -18.0
IJK iShares S&P Mid-Cap 400 Growth ETF 1.3 24 32 6.3 -17.4
MDYG SPDR S&P 400 Mid Cap Growth ETF 1.3 15 41 6.4 -17.3
IWN iShares Russell 2000 Value ETF 1.3 24 32 9.4 -14.3
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 1.3 15 41 6.4 -17.3
DES WisdomTree U.S. SmallCap Dividend Fund 1.2 38 18 11.7 -12.0
SPMD SPDR Portfolio Mid Cap ETF 1.2 5 51 8.6 -15.1
MDY SPDR S&P Midcap 400 ETF Trust 1.2 23 33 8.4 -15.3
IJH iShares Core S&P Mid-Cap ETF 1.2 6 50 8.6 -15.1
VTWV Vanguard Russell 2000 Value Index Fund 1.2 15 41 9.6 -14.1
IVOO Vanguard S&P Mid-Cap 400 ETF 1.2 10 46 8.5 -15.2
QDIV Global X S&P 500 Quality Dividend ETF 1.2 20 36 10.2 -13.4
AVEM Avantis Emerging Markets Equity ETF 1.2 33 23 11.5 -12.2

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 VanEck Vectors Steel ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 14.4 %
Divided by: Fwd. P/BV 0.6 x
Less: Expense ratio 56 bp
Equals: ALTAR Score 23.7 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.67 CATEGORY
AVERAGE		 1.50
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.